Saturday, December 30, 2023

Pershing Square Bill Ackman listed fund

Beware linear graphs of performance over the long term. PSH has underperformed the S&P 500 Total Return index between 2012 and 2023 (see bottom line).



It seems last year I thought the shares were in listed in Amsterdam in Euros, it seems the price is in USD $ 


Today: December 2023 

Price USD 46,4 an increase of 38% compared to last year. 

The mark-to-market of shares held has increased to $ 65,12 per share an increase of 32% so the upside should now be lower? 

$65,12 / $46,4 = 40% indeed lower than the 48% of last year. 



Thursday, August 25, 2022

Pershing Square 2022 notes

Notes 2022: You pay EUR 33,50 per share, the mark to market of shares held is $49,43. 

The upside is now 48% 

Notes 2018: You pay $14,86 today per share of Pershing and the sum of the parts Net Asset Value per share is $19 which you would have to pay to get the same number of underlying shares in companies if you bought them directly. The upside is 28% roughly the same as it has been for a few years.


Notes 2020: You pay: $23,80 and SOTP (Sum Of The Parts) Net Asset Value is $34,75

More than 50% increase in NAV 2 years. A great result for Bill Ackman.

Upside: 46% and Ackman is now buying back shares (good for shareholders). 

No comments: